Avidity Biosciences (NASDAQ:RNA) Posts Earnings Results, Beats Estimates By $0.08 EPS

Avidity Biosciences (NASDAQ:RNA) issued its quarterly earnings data on Thursday. The biotechnology company reported ($0.97) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.05) by $0.08, FiscalAI reports. The business had revenue of $19.64 million for the quarter, compared to the consensus estimate of $2.00 million. Avidity Biosciences had a negative return on equity of 44.92% and a negative net margin of 3,650.39%.

Avidity Biosciences Price Performance

Shares of RNA traded down $0.03 during mid-day trading on Thursday, hitting $13.27. The company had a trading volume of 100,282 shares, compared to its average volume of 635,951. Avidity Biosciences has a 1-year low of $11.95 and a 1-year high of $16.77. The business’s 50-day simple moving average is $13.63 and its 200-day simple moving average is $50.13.

Hedge Funds Weigh In On Avidity Biosciences

A number of large investors have recently bought and sold shares of the stock. Corient Private Wealth LLC acquired a new stake in shares of Avidity Biosciences during the 4th quarter worth $689,000. Alberta Investment Management Corp acquired a new position in Avidity Biosciences in the fourth quarter valued at $1,803,000. Mackenzie Financial Corp grew its position in Avidity Biosciences by 14.9% during the fourth quarter. Mackenzie Financial Corp now owns 7,255 shares of the biotechnology company’s stock valued at $522,000 after acquiring an additional 941 shares during the period. Empowered Funds LLC purchased a new stake in Avidity Biosciences during the fourth quarter valued at about $303,000. Finally, Voloridge Investment Management LLC acquired a new stake in Avidity Biosciences during the fourth quarter worth about $46,324,000.

Analysts Set New Price Targets

RNA has been the topic of a number of recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Avidity Biosciences in a report on Wednesday, January 21st. HC Wainwright reissued a “neutral” rating on shares of Avidity Biosciences in a research report on Friday, May 1st. Wells Fargo & Company assumed coverage on shares of Avidity Biosciences in a research note on Wednesday, March 11th. They set an “overweight” rating on the stock. Finally, Wall Street Zen upgraded shares of Avidity Biosciences to a “hold” rating in a research report on Saturday, March 21st. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $69.42.

About Avidity Biosciences

Avidity Biosciences is a clinical-stage biotechnology company dedicated to developing antibody-oligonucleotide conjugate (AOC) therapies designed to address serious neuromuscular and cardiac diseases. The company’s proprietary AOC platform combines the targeting specificity of monoclonal antibodies with the gene-modulating power of oligonucleotides to deliver therapeutic agents directly into muscle cells. Headquartered in La Jolla, California, Avidity seeks to overcome traditional delivery challenges associated with RNA-based medicines by leveraging receptor-mediated uptake mechanisms.

The company’s lead product candidate, AOC 1001, is in clinical development for myotonic dystrophy type 1 (DM1) and represents the first application of the AOC platform in a human study.